JEDDAH: Saudi Arabia’s Dar Al-Arkan Real Estate Development Co. missed the average view of analysts when it reported a 68.7 percent drop in second-quarter net profit, citing lower properties sales.
The developer made a net profit of SR103.7 million ($27.7 million) for the three months to June 30, compared to SR331 million in the corresponding period of 2012, it said in a bourse filing.
The property sales decline followed a boost in the second quarter of 2012 from the sale of a land parcel to Saudi Basic Industries Corp, the statement said.
Its second-quarter net profit widely missed the average forecast of six analysts polled by Reuters, who expected SR256.1 million for the period.
Dar Al-Arkan Q2 net profit slumps 69%
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